Major Precious Metals Applies for 754 sq km of Added Exploration Licence Area Around Skaergaard

VANCOUVER, British Columbia, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. ("Major Precious Metals" or the “Company”) (CSE:SIZE | OTC:SIZYF | FRANKFURT:3EZ) is pleased to announce that it has filed an application for a new Mineral Exploration Licence (“MEL”) adjacent to the Skaergaard Project (“Skaergaard”) with the Mineral Licence and Safety Authority (“MLSA”) within the Greenland Ministry of Mineral Resources. The MEL application area (MLSA-292) is approximately 754 square kilometres (km²) in size and was filed under Skaergaard A/P, the wholly-owned Greenland-based subsidiary of the Company. This new area will represent an approximate 7-fold increase in the Company’s licence position once the Skaergaard acquisition has been completed.

The MEL application is located on the southeast coast of Greenland, on the eastern and western shore of the Kangerlussuaq Fjord, midway between the townships of Ittoqqortoormiit and Tasiilaq (500 km southwest) and immediately adjacent to MEL 2007/01 (107 km²) and MEL 2012/25 (16 km²) that comprise the Skaergaard Project (Figure 1).

The Company has applied for an MEL in this area to expand its regional footprint for exploration of gold, palladium, platinum and other minerals near the Skaergaard intrusion. Importantly, this new area may be examined for potential sites for future infrastructure as part of the upcoming Preliminary Economic Assessment (PEA) for Skaergaard. Once the MEL application has been approved, the Company plans to complete reconnaissance geological mapping and prospecting in this area to determine its mineralization potential as part of its planned summer 2021 exploration and drilling program at Skaergaard.

According to the MLSA, mineral exploration licences are typically granted no later than 3 months after the registration of a complete application, and the Company has been informed that the required 3-week consultation period has already commenced. MEL’s are granted for a period of 5 years and are renewable, and require yearly exploration expenditure commitments calculated based on the size of the licence area and the licence age. The Company will issue a further news release upon receiving final approval of this MEL from the MLSA.